Can anyone tell me if this pitch from Banyanhill is legit? They are showing people how to make $1,000+ in under 60 seconds by ”sell to open” certain options. You even get a ”free” laptop.
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Nothing is free. If you’re selling options, you’re essentially selling insurance and taking on risk from someone else. Which works out well the vast majority of the time, but the returns per trade are also so low, relative to the amount of money put at risk, that getting one in ten wrong is often enough to wipe out all of the income you received from the other nine.
I hear more complaints about options trading/options for income services than I do about most other kinds of newsletters — both because the marketing doesn’t typically mention those risks, but also because options are very illiquid in almost every case and it’s often hard to follow trades at anywhere near the recommended price unless the membership is very, very small (and if membership is very, very small… then the price is probably very high).
I saw the comment from Travis about using options and making money ,which ties into what the people at Weiss are promoting right now. They say they have used their research to pin-point an easy way to make money every week– in about 30 seconds! . You have to listen carefully to the whole plan to understand you are dealing with options- probably ‘ puts’ . Of course , for only $1950 you could be a member of this select group which gives you access to the weekly stock being selected to work and help making this work. There is always a way for someone to help you make money for a feet until it doesn’t .
Selling calls and puts is no more riskier than buying stocks. It does require increments of 100 shares, which you need to have enough money (or stock) in your account to eventually purchase. Selling covered calls is no risk on stocks you plan to hold for the time period, and can guarantee you a profit over holding the stock, but limits you on profits if it goes over the strike price of the stock + the premium you receive. For puts, selling the put at a strike you’d like to purchase it at anyway either gives you a cheaper price if it goes down, or a free profit if it stays above the strike price.